Silver also fell below the Rs 39,000-mark by falling Rs 150 to Rs 38,950 per kg due to reduced offtake by industrial units and coin makers.

Traders said sentiment turned bearish after gold fell in global markets as the dollar remained firm, with investors expecting the US Federal Reserve to raise interest rates at this week's policy meeting.

2:17 pm Europe Trade: European markets were lower, as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.

France's CAC, Germany's DAX and Britain's FTSE were down around 1 percent each.

2:09 pm Market Update: Benchmark indices continued to reel under selling pressure, with the Nifty breaching 10,100 levels for the first time since December 7, 2017.

All sectoral indices traded in the red. Metal and PSU bank indices fell the most, losing around 3 percent each.

The 30-share BSE Sensex was down 208.80 points at 32,967.20 and the 50-share NSE Nifty declined 87.50 points to 10,107.70.

The broader markets also caught in bear trap as the Nifty Midcap was down 1.8 percent. About five shares declined for every share rising on the BSE.

1:55 pm IPO Subscription: The initial public offer (IPO) of Bandhan Bank has been oversubscribed 2.30 times so far on the final day of bidding.

The Rs 4,473-crore IPO has received bids for 19.17 crore equity shares against the total offer size of 8.35 crore shares, as per data available on the NSE website.

The reserved portion of qualified institutional buyers has oversubcribed 6.08 times while the portion set aside for non-institutional investors has subscribed 0.67 times and retail 0.83 times.

Kolkata-based private sector lender Bandhan Bank has put on offer up to 11,92,80,494 equity shares for sale, including fresh issue of up to 9,76,63,910 equity shares.

1:45 pm Tata Steel bids for Bhushan Steel: The National Company Law Tribunal (NCLT) asked the Committee of Creditors (CoC) of debt-ridden Bhushan Steel to consider the objections raised by its employees over the bids submitted by Tata Steel.

The CoC, which is scheduled to meet tomorrow to take up the resolution plan of the highest bidder Tata Steel, would consider the objections raised by the employees.

The tribunal has also directed the insolvency resolution professional (IRP) to report the decision on the objections of the employees.

"Objections filed by the applicants would be forwarded to CoC for consideration. Any decision taken would be communicated to NCLT at the time of submission of the final resolution plan," said NCLT President Justice M M Kumar.

1:33 pm Pledged Shares: Jindal Steel & Power said promoter created a pledge on 1.07 crore shares (1.2 percent of total paid-up equity) on March 15.

1:25 pm Market Outlook: Lalit Nambiar, Executive Vice President and Fund Manager (Equity), UTI Mutual Fund said serious investors understand that drawdowns of 10 percent or thereabouts are par for the course. One must also consider the global backdrop.

We have a new US Fed Chairperson who seems a bit more hawkish than his predecessors, apart from that there is a rise in protectionist rhetoric led by the US and an upward bias to crude and commodities given the recovery in global growth.

When measured against all of this, there is a perception that India has shifted slightly from the macro sweet spot it had occupied for the last 18-24 odd months.

Of course, valuations had only been moving up in that time and the situation was always ripe for the market to take a breather in the near absence of earnings momentum.

That said, the medium-term story on India has not changed and is reasonably intact in that it is one of the fastest growing large economies in the world.

The company will implement this solution to support the end-to-end digitization of their lending business.

12:10 pm Lok Sabha Disruption: The Lok Sabha proceedings were disrupted for the 11th day today as the TDP, YSR Congress, TRS and AIADMK continued their noisy protests over various issues, including the banking scam and special status for Andhra Pradesh.

11:55 am Drug Approval: Pharma major Lupin has received final approval for its Desoximetasone Topical spray, 0.25 percent, 30 ml, 50 ml, and 100 ml from the United States Food and Drug Administration (FDA) to market.

11:40 am Rajya Sabha Disruption: Rajya Sabha was adjourned for the day without transacting any business after parties from Tamil Nadu and Andhra Pradesh disrupted proceedings over their state specific demands.

Andhra parties led by the TDP, and KVP Ramachandra Rao of the Congress trooped in the Well shouting slogans for special status for the state while Tamil Nadu parties - DMK and AIADMK- raised the Cauvery water issue.

Chairman M Venkaiah Naidu repeatedly asked members to allow the House to function and called for taking up listed zero hour mentions of issues of public importance.

But with members refusing to budge from their positions in the Well, he adjourned the House till tomorrow within 10 minutes of the commence of proceedings.

11:35 am CLSA on Ramco Cements: Global brokerage house CLSA has upgraded Ramco Cements to buy from sell rating and also raised target to Rs 930 from Rs 700 per share as it has upgraded FY19-20 EPS estimate by 3-6 percent.

Ramco is a top pick in the cement sector as channel checks indicate demand pick-up In Tamil Nadu, the brokerage house said.

It believes volume growth would also improve in the next 12-18 months.

The stock gained more than 2 percent intraday Monday. At 11:34 hours IST, it was trading at Rs 744.05, up Rs 2.80, or 0.38 percent on the BSE.

Located on the river Kishanganga, a tributary of the river Jhelum, in Bandipora district of J&K, the three units of Kishanganga HEP on being commissioned, will be able to generate 1,350 Million Units (MU) of clean electricity annually.

A top source said since the government is not looking at actual merger of oil companies but only transfer of its ownership to a cash rich PSU, the best option would be to split the 54.89 percent holding in GAIL equally between IOC and BPCL.

At Friday's closing price of Rs 440.85 a share for GAIL on BSE, the stake is worth close to Rs 41,000 crore.

"NBCC (India) Ltd., the navratna CPSE under Ministry of Housing and Urban Affairs, added yet another aspect to its expanding business by diversifying into the Road construction space," the company said in a statement.

It said a Memorandum of Understanding (MoU) was signed between NBCC Executive Director (Engg) Yogesh JP Sharma and Ecotourism Development Corporation of Uttarakhand Ltd (EDCUL) Managing Director Anup Malik to construct an eco-tourism circuit along Kotdwar-Ramnagar Kandi road.

The 50-km four-lane highway road project-- estimated to cost Rs 2,000 crore-- will be developed under Green Infrastructure/Green Road Model.

9:50 am Rupee Update: The rupee depreciated by 9 paise against the US dollar to 65.03 against as the greenback firmed up ahead of US Federal Reserve's policy meet this week.

A strong dollar and sustained foreign fund outflow weighed on the domestic unit amid rising current account deficit in the December quarter, a currency dealer said.

The current account deficit rose to 2 percent of the GDP at USD 13.5 billion in the December quarter, up from USD 8 billion or 1.4 percent in the year-ago period, on the back of higher trade deficit, RBI data showed.

On Friday, the rupee had ended 1 paisa lower at 64.94 against the US dollar.

9:40 am FII View: Laurence Balanco of CLSA said support provided by the 200-DMA and the December lows at the 10,036-10,168 area remains critical to sustain the uptrend.

Last week's test and rebound off this support zone reinforces the significance of this support zone and maintains the current uptrend, he added.

On the upside, initial resistance is provided by the 50-DMA and 27 February high at 10,608-10,639. From a long-term perspective, April 2017's breakout from the 2015-2017 consolidation pattern supports an upside target around the 12,000 area.

The 30-share BSE Sensex was down 49.62 points at 33,126.38 and the 50-share NSE Nifty was down 16.70 points at 10,178.50.

9:20 am Technical Outlook: Traders are advised to stay cautious as the possibility of Nifty slipping its crucial support level of 10,000 looks higher. In the event of a fresh sell-off for the current week in the wake of US Fed policy, strong support is placed around 10,141 levels which was recorded on March 7, suggest experts.

“As a chartist, if we look at the daily chart, this corrective move is not at all surprising. We could clearly see some relief move retesting breakdown points and a couple of key moving averages placed in the vicinity of 10,420 – 10,460 and then a resumption of a downward trajectory in the latter half,” Sameet Chavan- Chief Analyst, Technicals and Derivatives at Angel Broking told Moneycontrol.

“The weekly time frame charts turned negative recently and are clearly proving their significance. Now, traders would keep a close eye on recent swing low of 10,141 as a slide be-low this crucial junction would reinforce the selling pressure in the market,” he said.

Chavan advises traders not to make any kind of bottom fishing soon and should trade with a proper exit strategy. “For the coming week, 10,260 – 10,350 would now be seen as strong hurdles. Any possible move towards these levels is likely to get sold into,” he said.

9:15 am Market Check: Benchmark indices opened the week mildly higher amid volatility and mixed Asian cues on Monday. Political uncertainty after TDP exit from NDA government last week seems digested by the market.

The 30-share BSE Sensex was up 60.89 points at 33,236.89 and the 50-share NSE Nifty was up 21.40 points at 10,216.60.